Analysis: Bitcoin Weekly RSI Shows Bullish Divergence Similar to Late 2022 Bear Market

After Bitcoin rebounded to near $80,000, market opinions on the outlook remain divided. Data shows Bitcoin's weekly Relative Strength Index (RSI) has risen to 58.3, forming a bullish divergence similar to that seen in the late stages of the 2022 bear market, with some analysts suggesting this could indicate the current macro downtrend is nearing its end.

Meanwhile, the daily RSI has climbed to around 83, reaching its most "overbought" level since November 2024, sparking discussions about a potential short-term pullback. The two-month RSI has also shown a key crossover, though it has yet to fall to levels seen near previous bear market lows.

[TechFlow]